Dubai Land Department enables private property owners on Sheikh Zayed Road and Al Jaddaf to convert to freehold ownership

• Initiative acceptable to payment landowners successful these areas by enhancing the marketplace worth of their properties
• Total of 457 plots eligible for conversion to freehold
• Marwan Ahmed bin Ghalita: The determination volition reenforce Dubai’s presumption arsenic a planetary economical hub and a starring destination for existent property investment, and thrust the sector’s growth

Dubai Land Department (DLD) announced that the backstage spot owners successful Sheikh Zayed Road country (from the Trade Centre Roundabout to the Water Canal) and Al Jaddaf country tin present person their ownership presumption to freehold to each nationalities.

A full of 457 plots are eligible for conversion to freehold: 128 plots on Sheikh Zayed Road and 329 plots successful Al Jaddaf.

The inaugural is acceptable to payment landowners successful these areas by enhancing the marketplace worth of their properties, peculiarly for those opting to person their onshore to freehold ownership. It is besides expected to summation the economical entreaty of these locations, paving the mode for existent property developments tailored to freehold investors, and attracting a caller question of concern to Sheikh Zayed Road and Al Jaddaf.

His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of DLD, said that enabling backstage spot owners successful the designated areas successful Sheikh Zayed Road country and Al Jaddaf to person their properties to freehold ownership volition thrust important maturation successful Dubai’s existent property sector. The determination besides reinforces Dubai’s presumption arsenic a planetary economical hub and a starring destination for existent property investment, successful enactment with Dubai’s Real Estate Strategy 2033.

He added that the inaugural enables owners to payment from terms changes, enhancing the Dubai existent property market’s attractiveness, and drafting semipermanent investments. The Dubai Land Department is committed to providing each the services needed to facilitate this move, helium stressed.

Property owners tin corroborate their eligibility for the conversion done the Dubai REST astute app. To proceed with the conversion, they indispensable taxable an exertion to the DLD for onshore appraisal and valuation. Common country fees and work charges volition beryllium determined according to Real Estate Regulatory Authority guidelines. Following this, a conversion interest of 30% of the property’s valuation (based connected Gross Floor Area) volition beryllium applicable. Once outgo is processed, a representation and freehold ownership rubric deed volition beryllium issued for the converted property.

The Dubai Real Estate Strategy 2033 aims to fulfil its ambitious objectives done a acceptable of cardinal show indicators, which see expanding existent property transactions by 70%, raising the full worth of Dubai’s existent property marketplace to AED1 trillion, and expanding the worth of Dubai’s existent property portfolios to AED20 billion.

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